Morgan Stanley upgraded Cleveland-Cliffs (CLF) to Overweight from Equal Weight with a price target of $17, up from $12.80. The firm adjusted ratings in North America steel as part of its 2026 outlook. It expects steel prices to remain elevated as 50% steel tariffs “remain firm.” Morgan Stanley sees domestic mills continuing to take market share from imports on capacity increases despite a relatively muted demand outlook. It sees a “potentially transformational opportunity” for Cleveland-Cliffs.
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